Here is a summary of the trading update for Alpha Group International plc for the six-month period ended June 30, 2024
Strong financial performanceThe group reported a 16% increase in revenue to over £64 million, with growth in both corporate and institutional divisions.
Corporate divisionRevenue increased by 12% to £30 million, with a 9% increase in client numbers and a marginal increase in average revenue per client.
Institutional divisionRevenue grew by 15% to £33 million, with a 19% increase in FX risk management client numbers and a 31% increase in account numbers.
Cobase acquisitionCobase, a treasury-focused technology platform acquired in December 2023, contributed £1 million in revenue, representing 80% growth compared to H1 2023.
Net Treasury IncomeThe net treasury income increased by 25% to £42 million compared to the same period last year, contributing to a strong adjusted net cash position of £180 million.
Share buyback programmesAlpha completed a £20 million share buyback programme and initiated a second £20 million programme, reflecting its strong cash position and confidence in the business.
Changes in reporting segmentsThe group changed its reporting structure to align with its current operating model, now reporting through the lens of the corporate and institutional markets it serves.
OutlookDespite headwinds in the institutional market, Alpha remains confident in its performance and expects trading to remain in line with expectations.